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Below the Quote on Pre-Market Comment by Hardik Matalia, Derivative Analyst, Choice Broking

The benchmark Sensex and Nifty indices are expected to open negative on Dec 05, following GIFT Nifty trends indicating a loss of 28 points for the broader index.

After a negative opening, Nifty can find support at 24,300 followed by 24,150 and 24,050. On the higher side, 24,600 can be an immediate resistance, followed by 24,700 and 24,800.

The charts of Bank Nifty indicate that it may get support at 53,000 followed by 52,800 and 52,600. If the index advances further, 53,400 would be the initial key resistance, followed by 53,700 and 54,000.

Foreign institutional investors (FIIs) extended their buying on second day as they bought equities of Rs 1,797 crore on December 4, on the other hand, domestic institutional investors also extended their selling as they sold equities of Rs 900 crore on the same day.

INDIAVIX was positive Yesterday up by 0.54% and is currently trading at 14.4500.

Yesterday, the Indian markets opened on a flat to positive note and traded sideways throughout the day. The Nifty index closed above the 24,450 mark, extending its gains for the fourth consecutive session. On the global front, markets traded with a positive sentiment, and buying activity from FIIs may indicate a positive momentum for the market in the coming sessions. Looking ahead, the 24,700 level is expected to act as a key resistance, and a sustained breakout above this mark could pave the way for higher levels. On the downside, the 24,200 level remains an immediate support zone, followed by the 24,000 mark. Traders are advised to adopt a buy-on-dips strategy as long as the index holds above 24,000. A strict stop-loss at 23,800 on a closing basis is recommended to manage risk effectively.

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